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, . V TEMPORARY CERTIFICATE OF OCCUPANCY ESCROW AGREEMENT Orono Building Permit#2014-01108 AGREEMENT made this�day of , 20�, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") d Kevin &Teresa Torgerson ("Owners°). Recitals 1. Construction of the new residence located at 1410 Cherry Place the("Subject Property"), legally described as Lots 2 and 3,Block 4,Crystal Bay View in Orono, Hennepin County Minnesota, is the subject of building permit application number 2014-01108 has been completed. 2. Winter conditions currently prohibit completion of exterior improvements,final grading,and vegetation establishment. An as-built survey cannot be accurately conducted at this time. 3. Owners request the City issue a temporary certificate of occupancy("TCO")to the Owners so that the Owners may occupy the new residence. 4. The City will issue a TCO only if the Owners es#ablish an escrow to ensure completion of exterior improvements, continua#ion of erosion control and submittal of an as-built survey to the City. NOW THEREFORE,THE PARTIES AGREE AS FO�LOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement,the Owners shall deposit$10,000 with the City. All accrued interest,if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to assure completion of any exterior improvements, final grading, establishmen#of vegetation as well as guaran#ee reimbursement to the City for a11 out-of-pocket costs the City has incurred(including planning,engineering,in excess of$500, or legal consultant review) or witl incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal consuttant review) associated with building permit #201401108 if compliance with the approved building permit is not accomplished. 3. MONTH�Y BILLiNG. As the City receives consultant bills for incurred costs, the City will in turn send a biil to the Owners. Owners shall be responsibie for payment to the City within 30 days of the Owners'receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to#3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the Owners when all requirements retated to the project are complete. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfulfy completed and whether it is appropriate to return the funds. Owner may also request the release of the funds,and such funds shall be released upon City Stalf receiving the appropriate verification that all requirements of the project have been successfully completed. 155441